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WILLCOX & GIBBS DECLARES SPIN-OFF OF COVERED YARN DIVISION AND CONSUMMATES SALE OF STOCK

 WILLCOX & GIBBS DECLARES SPIN-OFF OF COVERED YARN DIVISION
 AND CONSUMMATES SALE OF STOCK
 NEW YORK, Nov. 12 /PRNewswire/ -- John K. Ziegler, chairman of the board of Willcox & Gibbs, Inc. (NYSE: WG) announced today the consummation of its previously disclosed two-part program designed to enhance shareholder value.
 Mr. Ziegler said that Willcox & Gibbs had declared a dividend of one share of common stock of its subsidiary, Worldtex, Inc., for each outstanding share of Willcox & Gibbs common stock held of record at the close of business on Nov. 23, 1992. Certificates for Worldtex stock are scheduled to be mailed on Dec. 14, 1992. Worldtex's subsidiaries are engaged in the manufacture of covered yarn, which is used principally in the production of apparel, particularly women's hosiery. Worldtex had sales in 1991 of $156 million and is the largest covered yarn manufacturer in the world. The Worldtex common stock is listed on the New York Stock Exchange under the symbol WTX.
 As the second part of the program, Mr. Ziegler said that Willcox & Gibbs had completed the sale of approximately 5,600,000 shares of its common stock to Compagnie de Distribution de Materiel Electrique ("CDME"). Approximately 600,000 additional shares of Willcox & Gibbs common stock will be sold to CDME in early 1993, bringing CDME's total ownership in Willcox & Gibbs to approximately 30 percent. In exchange for the sale of its common stock to CDME, Willcox & Gibbs received all of the stock of CDME's subsidiary, Southern Electric Supply Company, a distributor of electrical supplies in Mississippi, Louisiana, Florida, Tennessee, Oklahoma and Alabama with 1991 sales of $100 million, and cash of approximately $9.8 million.
 -0- 11/12/92
 /CONTACT: John K. Ziegler, chairman of the board of Willcox & Gibbs, 212-869-1800/
 (WG WTX) CO: Willcox & Gibbs, Inc.; Worldtex, Inc.;
 Compagnie de Distribution de Materiel Electrique ST: New York IN: TEX SU:


GK-AH -- NY058 -- 0238 11/12/92 14:15 EST
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Publication:PR Newswire
Date:Nov 12, 1992
Words:317
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